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Insurance agency and a married couple shopping for health insurance.

Health Insurance

The Health insurance industry has changed considerably over the last decade. With the full implementation of the Affordable Care Act taking effect in 2014, the landscape of the health insurance marketplace is a mesh between ACA compliant plans and "limited duration" HIPPA compliant major medicals plans.

The ACA plans are eligible for "premium tax credits" which can help lower your monthly premium. In order to qualify for premium tax credits, your household income will need to be under 400% of the federal poverty level. If you or your spouse are eligible for group health insurance coverage through your employer, you are not eligible for premium tax credits.

ACA plans have several benefits that can be very beneficial especially for certain individuals. If you have any pre existing conditions, you'll be happy to know that an ACA plan does not preclude you from applying and getting coverage regardless of your health. Also, ACA plans do not have "pre existing condition clauses;" This type of clause, which is common in the older style major medical plans, would limit your coverage for health care related to any condition you've previously had, for typically a term of 12 months.

One of the downsides to the ACA plans, are the very high premiums you'll experiance if you do not qualify for the premium tax credits. Many people find themselves just over the threshold to receive the premium tax credit and their health insurance premiums are not affordable. There are plans, that are more like the major medical plans sold pre ACA, that have much lower premiums, lower deductibles, and better benefits in many ways. Unfortunately, these plans incorporate the pre existing condition clause as well as precluding certain individuals from obtaining the health insurance based on their current health conditions.

Our agency is here to help you navigate these issues and find health insurance coverage that is affordable. There are several variables and scenarios that can make this buying process difficult, but having a professional that understands the nuances of this industry can be a great benefit to you.

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